Maritime piracy – the challenge of providing long-term solutions
AbstractPurpose: The cost of global piracy has been estimated at $15-25 billion. During 2011, piracy reached an all-time high, but decreased in 2012. Although piracy remains an ongoing threat to world trade and raises commodity costs, piracy activity is being reduced; but the complete resolution of the issue is still challenging. Methodology: Based on a literature review of formal and informal published sources, this exploratory article attempts a diagnostic evaluation of the challenges facing shippers, shipowners, ships, crews – and governments, industry associations, and insurers – and their attempts at combating this worldwide scourge. Findings: Most attempted solutions currently in force are preventative measures on a ship-by-ship basis, and piecemeal efforts by specific shipping companies and insurers. There is widespread recognition that the piracy problem needs to be tackled at source through „following the money‟ – outlawing pirate warlords – and through united international initiatives, but in reality neither of these developments are taking place.Practical implications: The huge cost to the consumer continues, with an overall lack of appreciation of the need to make a cost-benefit analysis of the value of concerted international efforts to stem piracy. Originality: most articles in this field consider specific anti-piracy efforts in particular locations by certain organizations, without an overall analysis of how the piracy issue could be fundamentally tackled. There is a gap in the literature for an up-to-date, analytical study of maritime piracy worldwide, especially given the dramatic nature of the changes over the last 12-18 months.
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Bibliographic InfoPaper provided by Maastricht School of Management in its series Working Papers with number 2013/15.
Length: 21 pages
Date of creation: Jun 2013
Date of revision:
maritime piracy; shipping; world trade; commodities;
Find related papers by JEL classification:
- A1 - General Economics and Teaching - - General Economics
- F1 - International Economics - - Trade
- F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
- R4 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-06-30 (All new papers)
- NEP-CWA-2013-06-30 (Central & Western Asia)
- NEP-IUE-2013-06-30 (Informal & Underground Economics)
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